US slowdown has not affected Indian economy: Kamal Nath

Bangalore, Feb 8: Slow down in the US economy has not affected the Indian Economy which is based on robust growth, Union Minister for Commerce and Industry Kamal Nath said today.

Addressing Exporters' Meet organised jointly by Federation of Karnataka Chamber of Commerce and Industry (FKCCI) and Federation of Indian Export Organisations (FIEO) here, he said that the Indian economic activities were more of domestic oriented and the US Economic slow down have not affected India. However the Minister sounded caution on Exporters saying that they should be in a position to visualize the impact of the Global economic activities and prepare themselves to address it.

Stating that US and other European countries were looking towards India for attracting investment in their countries to sustain their growth, he said that "the challenge before us is not in earning foreign exchange but to visualize the happenings in Global economy." Mr Kamal Nath, stating that the country was passing through second phase of economic reforms called 'Good Governance' after Trade and Investment', called upon the exporters to brace for it.

The implementation of the recommendations of the Finance Commission, simplifications in tax structures, interest rates on par with global economy were among other issues that would form part of the second phase of reforms. "The strength of India lyes on its ability to adopt it" he added.